Probate Work
We are normally able to offer a fixed fee for our services in connection with the administration of an estate or obtaining a Grant of Representation on your behalf. Our fixed fee is calculated using several factors including the value of the estate, the number of assets, liabilities and beneficiaries together with the overall complexity of the estate.
Estate Administration Service
As part of our estate administration service, we will:-
· Meet with you either in person or through video call to discuss the matter in detail.
· Advise you about the type of application you need.
· Establish the value of the assets and liabilites in the estate at the date of death.
· Prepare a schedule of the estate and calculate any Inheritance Tax due. Further information about Inheritance Tax can be found at www.gov.uk/browse/tax/inheritance-tax
· Advise the beneficiaries of their entitlements.
· Prepare and submit the appropriate Inheritance Tax Account to HM Revenue & Customs.
· Arrange for the payment of any Inheritance Tax.
· Apply for the Grant of Representation.
· Send copies of the Grant to banks, building societies, and others holding money and property.
· Arrange for the assets to be collected and the liabilities to be paid.
· Prepare Estate Accounts showing the money received and paid out on your behalf, any changes in value since the date of death, and any income received during the administration period.
· Deal with the income tax due on income earned during the administration period and obtain clearance from HM Revenue & Customs.
· Pay any legacies.
· Distribute the residuary estate.
· If any Trusts are created under the Will, the Trusts will need to be established and registered with HM Revenue & Customs on the Trust Registration Service.
Our fixed fee would not include work outside the scope of normal estate administration such as advising on a claim against the estate, advising or drafting a Deed of Variation, the conveyancing fees associated with the sale of a property or trust administration. We can assist with these services and would provide a seperate quote for our charges.
We will be able to confirm our fixed fee at our initial meeting when we have specific details of your matter.
Example fees
Example 1: Full estate administration:
· No Inheritance Tax payable
· Two Executors (who are also beneficiaries)
· Gross estate value less than £325,000
· Five assets
· Three beneficiaries
|
Fee Type |
Cost |
|
Our fixed fee |
£2,625.00 |
|
VAT at 20% |
£525.00 |
|
Probate Registry Fee |
£300.00 |
|
Sealed copy x 5 |
£7.50 |
|
Electronic ID x 3 |
£24.00 |
|
VAT |
£4.80 |
|
Bankruptcy Searches x 4 |
£24.00 |
|
VAT |
£4.80 |
|
Total* |
£3,515.10 |
Example 2: Full estate administration:
· Inheritance Tax payable
· Two Executors (who are not beneficiaries)
· Gross value of £1.6 million
· Ten assets
· Ten beneficiaries
· Complex Trust
|
Fee Type |
Cost |
|
Our fixed fee |
£18,850.00 |
|
VAT at 20% |
£3,770.00 |
|
Probate Registry Fee |
£300.00 |
|
Electronic ID x12 |
£96.00 |
|
VAT |
£19.20 |
|
Sealed copy x 10 |
£15.00 |
|
Bankruptcy Searches x 13 |
£78.00 |
|
VAT |
£15.60 |
|
Total* |
£23,143.80 |
*In addition to our fees and the Probate Registry fee, other expenditure may be necessary in dealing with the estate. These include:-
|
Disbursement |
Cost |
|
Sealed copies of the Grant |
£1.50 each |
|
S17 Trustee Act Notices |
£200 – £400 |
|
Will Search |
£200 |
|
Financial Assets Search |
£222 |
|
Land Registry Titles |
£7 each plus VAT |
|
Bankruptcy Searches |
£6 each plus VAT |
|
Electronic verification of ID |
£8 each plus VAT |
In the most complex of estates, such as those containing foreign assets, it may not be possible to offer a fixed fee. Our charges would then be calculated according to:
- The time spent by solicitors and legal staff in dealing with the estate; and
- A value element. This is a percentage of the gross value of the estate, as the monetary value involved is one measure of the responsibility falling on the firm.
For meetings, discussions and other work progressing the administration of the estate, the hourly charging rates (excluding VAT) are £210.00. VAT will be added at the current rate (presently 20%). If less than one hour is involved, we calculate the time spent in units of 6 minutes.
The value element is calculated at 0.5% of the gross value of the estate.
How long does it take?
The administration of an estate generally takes between 6 to 18 months, but can take longer, depending upon what assets are comprised in the estate and how complex the case is.
‘Grant Only’ Service
We are also able to assist in obtaining a Grant of Representation on your behalf. As part of this service we would:-
· Prepare a schedule of the estate and calculate any Inheritance Tax due.
· Prepare and submit the appropriate Inheritance Tax Account to HM Revenue & Customs.
· Arrange for the payment of any Inheritance Tax.
· Apply for the Grant of Representation.
Example fees
Example 1: Simple estate that is not taxable with two Executors
|
Fee Type |
Cost |
|
Our fixed fee |
£1,300.00 |
|
VAT at 20% |
£260.00 |
|
Probate Registry Fee |
£300.00 |
|
Electronic ID x 2 |
£16.00 |
|
VAT |
£3.20 |
|
Bankruptcy Searches x 2 |
£12.00 |
|
VAT |
£2.40 |
|
Total* |
£1,893.60 |
Example 2: Complex or taxable estate with two Executors
|
Fee Type |
Cost |
|
Our fixed fee |
£2,700.00 |
|
VAT at 20% |
£540.00 |
|
Probate Registry Fee |
£300.00 |
|
Electronic ID x 2 |
£16.00 |
|
VAT |
£3.20 |
|
Bankruptcy Searches x 2 |
£12.00 |
|
VAT |
£2.40 |
|
Total* |
£3,573.60 |
How long does it take?
The Probate Registry is currently taking up to 16 weeks to issue a Grant of Representation. If the estate is complex, HM Revenue & Customs will take an additional 4-6 weeks. It is therefore likely to take 4-7 months to obtain a Grant of Representation.
Our Team
